Worst Real Estate Market In Years...Not on Martha's Vineyard and Not in Edgartown!

Don’t believe everything that you hear on the radio, watch on TV or read on the internet, because the Martha’s Vineyard residential sales market is not the entire United States market. While there may be pockets of areas in the U.S. residential sales market that are suffering setbacks Martha’s Vineyard and Edgartown in particular are on a major upswing year over year from 2009 to 2010! See for yourself below with this information that is derived from LINK, the exclusive listing service that is used by ALL of the Martha’s Vineyard real estate brokers and agents to market and track sales.

Let the numbers speak for themselves…

Residential Sales MV
#SOLD RES $ AVE RES $ MEDIAN RES TOTAL DOLLARS
First Quarter 2009 40 $1,309,358 $471,000 $52,374,314
First Quarter 2010 78 $1,111,376 $622,500 $86,687,347
Percentage Increase +95% -15% +32% +65%

2nd Quarter 2009 62 $821,134 $511,250 $50,910,296
2nd Quarter 2010 113 $776,184 $549,625 $88,484,939
Percentage Increase +82% -5% +7.5% +74%

Residential Sales Edgartown
First Quarter 2009 9 $3,408,278 $927,000 $30,674,500
First Quarter 2010 26 $1,479,541 $807,500 $38,468,067
Percentage Increase +188% -56% -12% +25%

2nd Quarter 2009 24 $1,227,778 $605,000 $29,466,671
2nd Quarter 2010 35 $1,053,131 $707,500 $37,912,725
Percentage Increase +45% -14% +16% +28%


*Thanks to my brother Tim for pulling this information together.

New Home For Sale Edgartown, MA

New Home For Sale Edgartown, MA

Walter Cronkite Edgartown Home For Sale

The estate of Walter Cronkite was recently put on the market. Located at 40 Green Hollow Way, Edgartown, MA. The listing price is $12,250,000. Consists of 6 bedrooms and 4.5 bathrooms. Total square footage is 4,330 with 11 rooms. It sits on 1.32 harbor front acres and includes a deep water dock. Originally built in 1929 and renovated in 2005. The total assessed value is $10,539,100.

$299,000 in Edgartown, Martha's Vineyard?

Yes you read that correctly. A 3 bedroom, 3 bathroom home just reduced it's asking price to $299,000. This cape style home is located on 43 Eleventh Street South in Edgartown MA. It is a short sale. House has 5 total rooms and a full basement. There is a small outbuilding in back as well. It sits on .17 acres and is assessed at $406,000 for 2010.

Chilmark Posts Highest Single Family Median Home Price

Chilmark posted the highest single family home median price in 2007 at $2,800,000. Nantucket was second at $1,690,000. Other Vineyard towns making the the top 25 list for Massachusetts were Aquinnah (#4) $1,350,000, West Tisbury (#10) $810,000, Edgartown (#15) $705,000, and Tisbury (#21) $672,500.


John O'Connell
The Vineyard Realty Group
www.vineyardrealtygroup.com
508-627-3030

Martha's Vineyard Savings Bank Top 2007 Lender

Martha's Vineyard Savings Bank was the top residential lender for Dukes County (Martha's Vineyard) in 2007. Their market share was 12.63%. They did 32 purchase mortages and 144 refinance mortgages. The total dollar volume on the purchase loans was $14,483,738 and $34,749,998 on the refinance mortgages. Sovreign Bank FSB was second with a 9.69% market share and Bank of America third with a 6.03% market share. Local lender Edgartown National Bank was seventh with a 3.59% market share with only $1,068,400 loaned on 4 purchases and $7,906,900 on 46 re-fi's.


John O'Connell
The Vineyard Realty Group
www.vineyardrealtygroup.com
508-627-3030

Edgartown's Harbor View Hotel Begins Marketing Condominiums

Last week the Harbor View Hotel in Edgartown held an open house in one of their model condominium units. The 862 sq.ft. unit has an initial price of $1,310,000. It includes one bedroom, one bathroom, a kitchenette, living room, outdoor shower, two porches, and comes fully furnished. Monthly fees are set at $4.50 per sq.ft. which includes a concierge service and other amenities. There will be rental opportunities. At present units are priced between $800,000 and $2,000,000. This is Phase I of a plan to eventually convert all but 8 rooms into condominiums. It is anticipated that hotel condominium documents, purchase and sale agreements, and amenity plans will be available for review by reservation holders in the first quarter of '08.